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Posted September 20, 2021

 

RALEIGH – Global fraud and identity theft is on the rise. So is the technology that works to protect us and keep business flowing.

Enter Global Data Consortium (GDC).

This little data startup from Raleigh has built a cloud-based global identity verification platform that allows businesses to access “high-quality, local data” mined from over 270-plus sources and data partners. That treasure trove of data, they say, enables businesses to determine a customer’s true identity — in real time, just about anywhere in the world — so transactions can occur.

It’s also putting GDC on track to becoming a $1-billion enterprise, otherwise known in the venture capital world as a “unicorn.”

Since 2016, it’s been growing around 120 percent year over year. They currently cover 70 countries, and are growing across multiple verticals, including fintech, gaming and regtech. Revenue has ballooned from just over $1 million to a projected $20 million or more in 2021.

“What we believed to be the future turned out to be correct,” said its CEO and founder Bill Spruill, speaking from the company’s new headquarters located within the historic Pilot Mill complex in downtown Raleigh. “The idea of walking into a bank with a bunch of papers to verify who you say you are, is a holdover from the past,” he said. “Now people want to do that instantaneously using a mobile app, and that’s what our platform allows.”

The next target: $100 million in annual revenue.

“Somewhere in 2025, we should be able to achieve that,” Spruill said.

The identity verification (IDV) market is expected to grow to be worth $21.9 billion by 2026.


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